Alex David, Northeast division director at Raymond James’ independent channel, will join Equity Services Inc., a Montpelier, Vt.-based independent broker/dealer and registered investment advisor owned by National Life Group, as president and CEO, starting Dec. 16.
David succeeds Ata Azarshani, who will retire at the end of this year after a 40-year career in financial services.
As part of the leadership shuffle, ESI has also named Brian Nelson as its head of growth strategy, a newly created role. Nelson joins from Atria Wealth Solutions, where he served as managing director and head of practice management. Atria was acquired by LPL Financial in 2024, and Nelson left the company in August in the wake of the firm’s integration. Prior to joining Atria, he founded Pratica Consulting, a consulting firm focused on advisor practice management, strategic consulting and sales strategy.
Azarshahi joined National Life Group in 2013 and has led major initiatives in strategy and business development and life and annuity solutions. He has run ESI since 2020.
“Ata’s leadership has had a profound impact on National Life Group and the financial professionals and employees who had the honor of working with him,” said Matt Frazee, executive vice president and CMO at National Life Group. “He has been instrumental in shaping ESI’s strategy, strengthening its growth trajectory and deepening its commitment to our mission.”
Today, ESI has over 600 financial advisors and more than $15 billion in assets under management.
Prior to joining ESI, David was at Raymond James Financial Services since 2024, overseeing a division with more than $100 billion in assets under management, 895 advisors and 350 offices across the East Coast. The division has generated over $100 million in new production and more than $14 billion in AUM in 18 months.
Prior to that, David joined Stifel in 2021 to revitalize the firm’s sleepy independent broker/dealer, Century Securities, which was rebranded as Stifel Independent Advisors. In that role, he quadrupled revenue to $60 million and boosted AUM to $10 billion. Stifel recently agreed to sell that unit to Equitable Advisors.
Before moving to Stifel, he spent 13 years at Wells Fargo Advisors as head of branch development and marketing for the independent brokerage.
ESI was founded in 1968 as the broker/dealer and RIA affiliate of National Life Insurance Company, a mutual life insurance company, which dates back to 1848.
A Raymond James spokesperson declined to comment on David’s departure.